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The National People's Congress (NPC) of China and the National Assembly of the Republic of Korea (South Korea) launched a regular exchange mechanism in Beijing Monday in a bid to enhance bilateral ties and Sino-South Korean cooperation.

 

Wu Bangguo, chairman of the NPC Standing Committee and his South Korean counterpart Kim One-ki signed an agreement to launch a mechanism after their talks in the Great Hall of the People in downtown Beijing.

 

The two top legislatures will rotate as hosts every year, according to the agreement.

 

"The agreement regulated the exchange between us and indicated that our bilateral relations entered a new phase and bears significant meaning to the growth of Sino-South Korean all-round cooperative partnership," Wu told Kim.

 

Kim said it's the first time for the South Korean National Assembly to sign such a cooperation agreement with foreign parliaments.

 

"It showed the great importance we attached to the relations with China," Kim said, noting the establishment and perfection of the mechanism will contribute to the growth of South Korea-China relations.

 

Wu also spoke highly of bilateral relations, saying that the two countries maintained a frequent exchange of high-level visits, enhanced political mutual-trust and carried out close contact and cooperation on international and regional issues.

 

China and South Korea witnessed fast growing trade and economic ties and expanding investment and industrial cooperation, Wu said, adding that the trade volume exceeded US$100 billion three years earlier than scheduled and brought about tangible benefits to the people of both countries.

 

The two countries also deepened cooperation in the fields of culture, science and technology, education and justice, Wu acknowledged. The exchange between the two top legislatures also injected vigor to the Sino-South Korean national relations.

 

China attaches importance to its relationships with South Korea as both neighbors and influential countries in the region and will exert further efforts along with South Korea to constantly push the bilateral partnership forward, he said.

 

Kim is leading a delegation from the South Korean parliament for a visit to China from January 8 to 14 as guest of Wu.

 

(Xinhua News Agency January 10, 2006)